Extract from Lords debate on EU: Future Relationship - Sep 23
Thursday, 24 September 2020 08:32
Baroness D’Souza (CB) [V]:...An exit based on WTO rules would
present a huge challenge for the service industries, in that there
would be a loss of guaranteed access for bankers, lawyers,
musicians and chefs, among other trades. The financial services
sector is a huge contributor to national income, estimated at
approximately 10% of all tax receipts. Preserving the integrity and
reputation of the sector should be an absolute priority, yet there
is still no agreement on the legal status of...Request free trial
Baroness D’Souza (CB) [V]:...An exit based on WTO rules would
present a huge challenge for the service industries, in that there
would be a loss of guaranteed access for bankers, lawyers, musicians and chefs, among other
trades. The financial services sector is a huge contributor to
national income, estimated at approximately 10% of all tax
receipts. Preserving the integrity and reputation of the sector
should be an absolute priority, yet there is still no agreement on
the legal status of contractual relationships, which in turn
affects a whole tranche of SMEs and the job security of up to 2.3
million people who work in the financial services industry. The
City of London Corporation has said that even a deal with limited
coverage of financial and professional services would be preferable
to no deal...
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